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The Chinese yuan is the commonly used name for the currency of the People’s Republic of China. Officially, the modern Chinese currency is called the Renminbi, while the yuan is the primary unit of that currency. The currency is used in China, but not in Hong Kong and Macau. The first renminbi banknotes were introduced in December 1948. The yuan was pegged to the US dollar through the most part of its history, though since 2005 China allowed it to float in a narrow corridor and intends to widen the free-float range over time as a part of the transition from central planning to a free market economy. The usage of the yuan in international trade is limited by severe regulations that forbid the currency to be used in transactions with foreign entities. China showed willingness to ease these regulations as it strives to make the yuan new reserve currency. China made agreements with Russia, Vietnam, and Thailand that allow trade with those countries to be settled directly in renminbi.

Chinese Yuan News Archive

Chinese Yuan Appreciates on Diversification

The United States Treasury International Capital report showed that China has been selling its Treasuries for a third month in a row in October 2007, which may signal for the start of the funds diversification.

Chinese Yuan Rushed by Henry Paulson

U.S. Treasury Secretary Henry Paulson is going to visit China again in order to motivate the government to increase the pace of the change in which yuan would appreciate against U.S. dollar and other world currencies.

Chinese Yuan Appreciation Hurried by Japan

Fukushiro Nukaga, Japanese Minister of Finance, joined the “league” of European and U.S. officials in their endeavor to convince Chinese government to take more definite actions aimed towards yuan’s free exchange rate.

Danger of Forex Reserves Change

Li Yang, an ex-adviser of the People’s Bank of China, suggests a great care in handling any changes to the country’s foreign currency reserves (world’s largest), that are currently composed mainly of U.S. dollars. By the Li’s words, it’s not reasonable to change the vast amount of current reserves, but the new income that goes […]

Chinese Yuan on the Road to Revaluation

Chinese yuan will definitely see a some kind of revaluation against dollar and other major currencies soon. Jean-Claude Trichet spoke today about his latest endeavor to convince China government to make confident steps towards stronger yuan policy. From his words the Chinese central bank understands the concerns of their trade partners and the steps will […]

Chinese Yuan Shows Some Growth

Chinese yuan gained against dollar during today’s trading session in Shanghai, reaching 7.425 yuan/dollar rate. This appreciation of yuan was caused mainly by the falling U.S. dollar against euro, pound and other currencies.

G-20 Soft Call to China

Group of 20, which summit ended today in Cape Town, South Africa, has released its statement. To some surprise it didn’t contain any strong implications to China’s monetary policy, as some expected. Although E.U., Canada and U.S. officials were motivated to bring China to the faster decisions, which could lead to the yuan appreciation, it […]

Central Bank Leaders To Persuade China

Mervyn King, Bank of England Governor, said during his press conference that he will use the Group of 20 meeting to convince China to speed up the yuan’s appreciation. G20 meeting will be held near Cape Town, South Africa, this weekend on November 17–18 and one of the prevailing topics would be China’s monetary policy.